Intact Insurance and belairdirect brands will stop writing new business from 1 December 2020 and renewals by 1 January 2021
Canada-based Intact Financial announced that its Intact Insurance and belairdirect brands will discontinue offering optional automobile coverage in British Columbia.
The insurance company said that after careful consideration, it has taken the decision, as the forthcoming regulatory changes in the province may reduce competition and limit consumer choices.
Intact Insurance and belairdirect are planned to stop writing new business from 1 December 2020 and renewals by 1 January 2021.
Intact to continue offering personal property and insurance products in British Columbia
Intact Financial said that it will continue offering personal property, commercial P&C, surety and speciality insurance to individuals and businesses in British Columbia through its brands.
Also, the company intends to work together with customers and brokers to support them through the transition, while maintaining a strong footprint in the province of British Columbia.
Intact Financial Canadian operations president Louis Gagnon said: “We believe that consumers should have choice and flexibility when it comes to their insurance.
“We have been closely assessing the optional automobile insurance market in British Columbia for some time and made the decision to shift focus to our other lines of business and providing enhanced services to consumers.”
Intact Financial is a property and casualty (P&C) insurance provider in Canada and speciality insurance in North America, with annual premiums totalling more than $11bn.
The company is engaged in developing products, from advice-based support through brokers, to simplified, online convenience through belairdirect.
With nearly 16,000 employees, the firm serves more than five million personal, business and public sector clients through offices in Canada and the US.
The company distributes insurance products under the Intact Insurance brand in Canada and offers various speciality insurance products and services in the US.
Intact Financial had recently consolidated its Canadian and US speciality operations under a single brand, dubbed Intact Insurance Specialty Solutions, to complete the integration of its speciality business segment portfolio.